Ardonagh Advisory – the Ardonagh Group's SME broking platform comprising Bravo Networks, Ethos Broking, Footman James, Hera Indemnity, Lorega, Towergate, Towergate Health & Protection, Thompson & Bryan, Compass UK, and Usay Compare brands – has continued its acquisition spree by swooping for Sorvio Insurance brokers (Sorvio).
Located in Salisbury, Sorvio is an independent insurance broker with over 30 years of experience. It provides commercial insurance products to clients across the Southwest of England and has stable and deep-rooted relationships with both its clients and insurer partners.
In 2006, Sorvio was acquired by current owners and directors Paul Hodgkinson and Ian Spalding, who have grown the business and solidified its reputation as a market-leading broker in the area.
As part of the deal, Sorvio will join Ethos Broking and provide a platform to support its expansion across the Southwest of England.
Hodgkinson and Spalding will continue to run the business alongside Richard Tuplin, who leads Ethos Broking as part of his role as CEO of Advisory Insurance Brokers Limited (AIBL).
Hodgkinson commented: “Joining Ardonagh Advisory represents an enormous opportunity for us to develop Sorvio by becoming part of a larger proposition. Our team of experts will continue to provide the outstanding service they are well-known for, supported by a business that shares our values and dedication to client service. We're very excited for the future and look forward to experiencing the many benefits that I know will come from being part of the Ardonagh Advisory platform.”
Tuplin said the deal with a high-quality regional broking business that is well-respected in its local area will enable Ethos Broking to expand its geographic reach.
“Sorvio is a fantastic business that has flourished over the years thanks to its expert team and their focus on providing an exceptional service for clients. We're very excited to welcome Ian, Paul, and the team to the business and look forward to collaborating on future opportunities for growth in the region,” Tuplin said.
Ardonagh Advisory M&A director Joe Conway said the latest deal reflects how quality regional brokers see value in joining larger broking platforms.
“Not only can they receive support to help navigate the many challenges present in today's market, but they can also benefit from support that will actively help their business to grow,” Conway said. “If you're thinking about taking the next step in your broking business's journey, get in touch. We're always open to supporting broking businesses to get to that next level, whatever that might be.”
The deal with Sorvio follows Ardonagh Advisory's acquisition of AMS Insurance Solutions.
